North American Scientific will be shutting down its Theseus Imaging operations, on or about September 15. The Chatsworth, CA-based vendor said it intends to allocate resources to grow its oncology therapeutics business, eliminating or redirecting the approximately $10 million it spends on Theseus annually.
President and CEO L. Michael Cutrer said that while Theseus' Hynic-Annexin V molecular imaging agent development program has yielded compelling clinical data, a review of the program's projected costs and the agent's anticipated time to market led the company to conclude it's not in the firm's best interests to continue funding its operations.
North American Scientific said it would seek to maintain intellectual property developed during Theseus' Hynic-Annexin V development program, as well as clinical trial data and materials, for potential buyers for at least the next 60 days. The firm expects to take a $6 million write-off related to the Theseus shutdown in its 2004 fiscal year, of which approximately $4.8 million is noncash.
By AuntMinnie.com staff writers
August 30, 2004
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Philips expands R&D deal with Theseus, June 23, 2004
NAS back on track with Hynic-Annexin V, June 13, 2004
Theseus in co-development deal with NCI, February 18, 2003
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